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When it comes to tax deductions, people often look for ways to maximize their savings by deducting expenses related to their work or business. One common question that arises is whether putting something in a video makes it deductible.
The short answer is that it depends on the nature of the item and the context in which it is used. In general, expenses related to producing a video for a business purpose can be deducted as long as they are ordinary and necessary for your trade or business. This includes costs such as equipment rental, filming permits, editing software, and even props used in the video.
However, simply putting something in a video does not automatically make it deductible. The IRS requires that expenses be directly related to the production of income in order to qualify for a deduction. For example, if you are a real estate agent creating a video tour of a property you are trying to sell, the costs associated with creating the video would likely be deductible as they are directly related to your business.
On the other hand, if you are a personal vlogger who includes a new pair of shoes in your video simply because you like them, the cost of the shoes would not be deductible as they are not directly related to producing income. In this case, the shoes would be considered a personal expense rather than a business expense.
It is important to keep detailed records of any expenses related to video production in order to support your deductions in case of an audit. This includes saving receipts, invoices, and any other documentation that shows the business purpose of the expenses.
In conclusion, putting something in a video can potentially be deductible if it is directly related to your trade or business and necessary for the production of income. However, it is important to carefully consider the nature of the item and the context in which it is used in order to determine its deductibility. As always, consulting with a tax professional or accountant can provide further guidance on what expenses are eligible for deduction.
Imagine getting a whopping IRS fine because you took legal advice from an influencer online…
In his defense.. Since when do influencers always tell the truth? If he could make a reasonable that putting it on his business card was deliberate he might get away with it. Then it’s even a major part of the entire video.
Who cares about his sub $40 lunch when influencers are writing off private planes?
Remember if your going to do tax fraud Don't incriminate yourself with evidence of you doing tax fraud
Can someone find the name of the song plz lol I remember hearing it.
But maybe it was work with a satire intro.
people so obsessed with "write offs" think they're saving money
It actually is , there is a 50 percent allowanse of lunches, I use like 300 bucks a year
Is evading taxes deductible? Apparently many people believe deductions are generous and common.
Yea… When I started my business if I needed the company card for personal i just made a note in the notebook for the day.
Taxation is really wild in the US.
I feel like you did this one before.
But if his business is making videos of him eating places and doing things that people want to see, would it not be a tax write off? This is one of those cases of an industry professional, not disclosing all the information.
Wait! But he made a video talking about business while at lunch. That works right. 😂 Maybe double check with that tax guy using a personal chef….👀
I know this is totally unrelated, but you've come across my feed before and i am curious about the following:
Nope, but speak Jasmine …
… yep
He accidentally is going to get audited 😂😂😂😂
OK, it’s not directly deductible but if this is a blog about the meal and his business is about reviewing food, doesn’t he get to count it as part of the cost of making the video which he will use to offset his income?
Video request
We are not going to, but most of us like to think that we can start a YouTube channel. Could you make some videos about what would be tax deductible in a YouTube channel and what would not be tax deductible
My boss puts his day to day living expenses and family vacations on his tax return as business expenses.
Not sure if the IRS has this or not BUT the IRS needs to have an entire team of Agents do nothing but scour the internet for these influencers that are spreading misleading information and engaging in fraudulent tax practices and then start sending them letters notifying, they are being audited.
The digital age is so fascinating. People will actually brag online about their crimes making law enforcement's job easier.
I AM JOKING NOW — but IF I committed a wrong, I would not tell a soul, LOL!!! 🤣
Here's a question: if you do accidentally put something on your business card that is not business, how do you rectify this? Do you write yourself a bill and have a receipt for yourself you can then document for the IRS?
These tax advisor thirst traps are getting out of hand. I'm falling in love over here ❤️
I love this lady she is so beautiful I literally just watch her vids to admire her beauty I don’t care about taxes and stuff